The Saudi Stock Exchange (Tadawul) started Sunday’s trading down as its key index dropped more than two percent, dragged down by the recent attacks on the kingdom’s key oil facilities.
The Tadawul All Share Index lost around 2.5 percent as it hit 7,629.49 points after the opening bell. The drop was reportedly led by Al Rajhi Bank and Saudi Basic Industries Corporation, both of which slid around three percent.
The Arab world’s largest equity market regained some losses later in the day, standing at 7,734.94 points, but still down 1.24 percent, as of 10am GMT.
Sunday’s decline wipes out gains the market made this year, according to Reuters. The Tadawul All Share Index is down about 18 percent from this year’s high of 9,403 points and down 1.8 percent compared to September 2018.
Other regional markets were not spared from the consequences of the drone attacks. Stocks, including those in Kuwait’s premier index, fell around one percent, while equity markets in United Arab Emirates, Qatar, and Bahrain lost up to 1.3 percent, according to Bloomberg.
The blow to the kingdom’s stock market comes as oil major Saudi Aramco is reportedly preparing for local listing, and it could become the world’s biggest initial public offering (IPO). However, the oil company is unlikely to change its mind on the matter, as the attack “will have only a limited impact on interest in Aramco shares,” political risk research and consulting firm Eurasia Group said, as cited by Reuters.
Online shopping was booming in Russia last year, with trade volumes increasing by nearly 60 percent compared to 2019, according to a business group representing major online retailers operating in...
Investing in bitcoin has already yielded US electric car producer Tesla its first gains of around $1 billion. The figure leaves the company's profits from selling its electric vehicles (EV)...
The volume of trade between Russia and Germany declined by 22.2 percent in 2020, year-on-year, to €44.9 billion ($54.4 billion), according to data from the German Committee on Eastern European...
